- Cost of an iphone 8 64GB Rs 67940.00 Transaction date 12 July 2018
- Emi Rs 3998.95 X 18 Months = Rs 71981.10
- Cash Back Rs 3838.61 ( 5.65% ) as per charge slip and 5% is what you are entitled to.
- Actual Cashback that came was Rs 3397.00 ( was actually 5% only back as was promoted ) Cash Back date 04 Sep 2018
- Net Total amount paid = 71981.10 less Rs 3397.00 = 68584.10
- Excess paid over the MRP = Rs 68584.10 – Rs 67940.00 = Rs 644.10
- Loan Amount Rs 64101.39 @ 15% pa for 18 Months.
- Upfront cost is Rs 644.10 – how does it become a NO COST EMI
- However there is a GST of 18% that needs to be paid on each of the Interest component of the each of the EMIs which was not factored in anywhere and you realize it subsequently only.
- Add the GST component of Rs 1418.34 and you end up giving an excess of Rs 2062.48 over the MRP of Rs 67940/- and you end up paying Rs 70002.34 in 18 Months against the price of Rs 67940/-and yet we call It the no cost EMI.
To summarize you get short changed and over charged by 3.03% of the MRP. when you should have actually got a discount on the transaction :-)
EMI
|
Interest
|
Tax
|
1
|
801.26
|
144.23
|
2
|
761.29
|
137.03
|
3
|
720.82
|
129.75
|
4
|
679.84
|
122.37
|
5
|
638.36
|
114.90
|
6
|
596.35
|
107.34
|
7
|
553.82
|
99.69
|
8
|
510.75
|
91.94
|
9
|
467.15
|
84.09
|
10
|
423.00
|
76.14
|
11
|
378.3
|
68.09
|
12
|
333.04
|
59.95
|
13
|
287.22
|
51.70
|
14
|
240.82
|
43.35
|
15
|
193.85
|
34.89
|
16
|
146.28
|
26.33
|
17
|
98.13
|
17.66
|
18
|
49.37
|
8.89
|
7879.65
|
1418.34
|
